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The days of relying on the welfare state and your employer for financial security are fading. Today, says Wealth & Tax Management managing director Tony Byrne, multiple income streams are key to financial success in life.
The world is changing very fast. Disruption is all around us. Here today, gone tomorrow. How can you make sense of today’s fast changing world? How best do you prepare yourself for the unprecedented changes happening around us?
A popular phrase keeps popping up. It is called ‘Side Hustle’. What is a side hustle? A side hustle is a means of making money alongside one’s main form of employment or income.
While there are many examples of side hustles such as teaching English online, becoming a virtual assistant or writing an e-book, I prefer passive income. Because passive income is where money works for you whereas earned income is where you work for money.
Examples of passive income are rents, dividends and business income. Earned income,, on the other hand is income from employment or self-employment. It is where you exchange your time for money.
Which source of income would you rather have? Earned or passive income? I know which source I prefer.
In the 21st century, it is vital to build multiple sources of income, especially passive income. This is a strategy otherwise known as layering. Once you have multiple sources of income, if some of them fail, you have other sources to fall back on.
This is by far the best way to ensure your financial security this century. The days of relying on the welfare state and your employer are gradually fading. You will need to increasingly become self-reliant and financially free in order to survive and thrive in the future.
To discuss ways to create multiple sources of income, join us for a one-hour Discovery Meeting either at our offices or by a video conference call, at our expense worth £270 to each of the first three readers who contact us before March 31 You know it makes sense. We offer a great cup of coffee too but unfortunately not a virtual one. Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk.
The contents of this article are for information purposes only and do not constitute individual advice. You should always seek professional advice from a specialist. All information is based on our current understanding of taxation, legislation and regulations in the current tax year. Any levels and bases of relief from taxation are subject to change. This article is based on my own observations and opinions.
